BUSINESS

Malabar to export $25m jewellery products from Bangladesh jointly with Nitol Niloy Group

Internationally reputed company Malabar Gold and Diamond Company will export jewellery products worth $25 million from Bangladesh per year as the brand is setting up a factory in Narayanganj.

The factory will be commissioned by December this year and start export from early next year, officials related to the project confirmed to the media.

Internationally reputed company Malabar Gold and Diamond Company will export jewellery products worth $25 million from Bangladesh per year as the brand is setting up a factory in Narayanganj. The factory will be commissioned by December this year and start export from early next year, officials related to the project confirmed to the Daily Sun. Bangladeshi company Nitol Niloy Group is jointly implementing the project as the local partner. “It will produce different types of jewellery from gold, diamond and precious stones. Some 250 local and international staff will be employed here. We will take bars from Bashundhara Gold Refinery to make world-class jewellery products,” Abdul Matlub Ahmad, chairman of Nitol Niloy Group, told the Daily Sun on Thursday. He informed that Bashundhara Gold Refinery will supply gold bars for making jewellery products. Bangladesh Investment Development Authority (BIDA) Executive Chairman Sirajul Islam laid the foundation stone of the factory as chief guest in Madanpur next to the Dhaka-Chittagong road on Thursday. Nitol Niloy Group Chairman Abdul Matlub Ahmad, Malabar Gold Finance Director Ameer CMC and Trust Bank Managing Director Humaira Azam were also present on the occasion. Malabar Gold Managing Director (International Operations) Shamlal Ahmad addressed the session virtually. Bangladesh Jeweller's Association (BAJUS) President Sayem Sobhan Anvir has been leading the efforts to enable Bangladesh’s gold industry to export jewellery products. Malabar Gold and Diamonds is a BIS-certified Indian jewellery group headquartered in Kerala, India. The company currently has more than 290 showrooms in 10 countries, making it one of the largest jewellery store brands in the world.

Bangladeshi company Nitol Niloy Group is jointly implementing the project as the local partner.

Bangladesh Investment Development Authority (BIDA) Executive Chairman Sirajul Islam laid the foundation stone of the factory as chief guest in Madanpur next to the Dhaka-Chittagong road on Thursday.

Chairman of Nitol Niloy Group  Abdul Matlub Ahmad said “It will produce different types of jewellery from gold, diamond and precious stones. Some 250 local and international staff will be employed here. We will take bars from Bashundhara Gold Refinery to make world-class jewellery products,”

He informed that Bashundhara Gold Refinery will supply gold bars for making jewellery products.

Abdul Matlub Ahmad also said, ‘Jewelry produced from Narayanganj factory will be exported to foreign countries and  as well as to meet domestic demand. He said that there is a plan to export jewelery worth 25 million dollars a year.

Razia Ahmad, executive director of Nitol-Niloy Group, said that investing in gold is always safe and profitable. Jewelery is not only a luxury product but also a good investment. With Malabar Jewelery Company coming to the country, local buyers will be able to buy world class jewelery in the country.

Nitol Niloy Group Chairman Abdul Matlub Ahmad, Malabar Gold Finance Director Ameer CMC and Trust Bank Managing Director Humaira Azam were also present on the occasion. Malabar Gold Managing Director (International Operations) Shamlal Ahmad addressed the session virtually.

Chairman of BIDA  Sirajul Islam said, the informal sector like jewelery has become a formal sector by setting up a factory of India’s famous Malabar Jewelery Company here.

He also said that Malabar will invest 25 billion dollars in the first year which will release 100 million dollars in 6 years. At the same time there will be creat lot of employment in this sector .

Abdul Marib Ahmad, vice chairman of Nitol-Niloy Group, said, “We have come here to inaugurate a new company. You must have heard the name of India’s world famous jewelery company Malabar. They will make jewelery here. It will be sold in the country’s market and export will also earn foreign currency. As you know, there is an economic crisis going on worldwide, we have always overcome the crisis and moved forward. This time we will be successful.

Bangladesh Jeweller’s Association (BAJUS) President Sayem Sobhan Anvir has been leading the efforts to enable Bangladesh’s gold industry to export jewellery products.

Malabar Gold and Diamonds is a BIS-certified Indian jewellery group headquartered in Kerala, India. The company currently has more than 290 showrooms in 10 countries, making it one of the largest jewellery store brands in the world.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close